'Rupee is in ICU': As India's currency hits a new low, five memorable quotes from Narendra Modi

In the midst of rising government corruption and inefficiency, Prime Minister Narendra Modi has frequently criticized the government's role in the depreciation of the rupee. Here are six notable quotes from Modi that highlight his stance on the issue.

The rupee continued its downward trend for the third consecutive session, dropping 12 paise to close at a new all-time low of 85.27 (provisional) against the US dollar on Thursday.

At the interbank foreign exchange, the rupee opened weak at 85.23 and hit a historic low of 85.28 against the greenback during intraday trade. The currency finally settled at 85.27 (provisional), losing 12 paise from its previous close.

Earlier this week, the rupee fell by 4 paise on Tuesday, following a 9 paise drop on Monday. Widely regarded as the worst-performing Asian currency, the Indian rupee has been a subject of concern. Against this backdrop, here are six quotes from Narendra Modi – before he became prime minister – explaining how government actions have contributed to the rupee's decline.

1. 'Under this government, the rupee kept falling'

On February 28, 2014, during a rally in Hubli, Karnataka, Modi stated: “Our country’s rupee is tottering. The value of the rupee is continuously falling. During Atal ji’s government, the rupee was at 40-45 [per dollar] and under this government, the rupee kept falling, 62, 65, 70…. Imports kept increasing, exports kept decreasing…. A sensible government’s job is to increase exports and decrease imports.” The video is still available on Narendra Modi’s YouTube channel.

2. 'Rupee is in hospital, admitted to ICU'

In 2013, Modi remarked in Hindi at an event: “If we are elected, we will reduce inflation in 100 days, they had said, right? What happened? [Gesturing downward motion] What happened to petrol? Friends, be it gas, petrol, diesel, is the price increasing or not? The rupee is in the hospital and is admitted to the ICU. The Indian government has told us in the last three months that the rupee will become fine again, it will become stronger again, but did it happen? They are unable to do so, nor are they able to make decisions. They have lost control over the country.”

3. 'Once the rupee keeps falling, world powers take advantage'

On August 20, 2013, when the rupee hit a record low, Modi told reporters in Hindi: “Crises come, but if during a crisis the leadership is directionless and hopeless, then the crisis becomes very grave… It is our country’s misfortune that the rulers in Delhi are neither worried about the country’s defense nor about the falling value of the rupee. If they are worried, it is only about saving their chair. That is all they are immersed in. And that is why it does not seem like they can do anything for the country so that the rupee can face up to the dollar with strength. In the last three months, even with the pace at which the rupee is falling, the government is not doing anything. Once the rupee keeps falling, the world powers take full advantage of it; the government has totally failed to stop that.”

4. 'Competition between govt and rupee, whose value is falling faster'

On July 30, 2013, at an event, Modi commented: “Today, the speed at which the value of rupee is falling, at times it seems that there is competition going on between the government in Delhi and the rupee on whose value is falling faster. When the country became independent, $1 was equal to Re 1. One dollar was sold for one rupee. When Atal ji's government was there, when Atal ji formed the government for the first time, the value of rupee had reached Rs 42 and when Atal ji left it reached 44, there was a difference of 4 per cent. But this government has brought it to Rs 60 [per dollar].” The video of that speech is also available on Modi’s YouTube channel.

5. 'Rupee losing strength… because those sitting in Delhi are busy in corruption'

On July 14, 2013, Modi posted on Twitter (now X): “Rupee is not losing strength because its size has changed. It is because those sitting in Delhi are busy in corruption: Modi ji.”

These quotes reflect Modi's critical perspective on the government's handling of the economy and the rupee's value, underscoring the challenges faced by the Indian currency in recent years.

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